2024 Fiduciary Accounting: Fundamentals & Rules

Overview

This course will dive into the fundamentals of fiduciary accounting and provide a reporting guide for determining whether receipts and expenditures are assigned to income or principal/corpus. 

Prerequisites

Basic working knowledge of accounting for estates and trusts

Objectives

• Apply a working knowledge of the financial accounting rules for estates and trusts
• Identify planning and potential pitfalls

Highlights

• Fundamentals of fiduciary accounting
• Uniform Principal and Income Act
• Mandatory and discretionary allocations and adjustments
• Address the trustees ability to override the fallback rules
• Review the contents of a proper set of trust accounting statements